1. Field of the Invention
The present invention relates to the managed protection of personal identifiers (i.e. Social Security Numbers and User IDs) and financial instruments (i.e. credit cards and checks) used by their owner through the use of communication networks and a variety of devices, both mobile and wired, to verify their proper use either interactively or by pre-approval by their owner.
2. Description of the Background
The primary reported criminal activity of concern in the world today is “Identity Theft” involving financial instruments, government issued identification numbers and other forms of identification. The media is full of stories regarding “Computer Hackers” breaking into computer systems to steal the information that would enable them to subsequently steal the assets associated with them.
Since the inception of representational transactions, e.g. non-cash transactions, absolutely identifying the originator of the transaction has always been an issue, the failure to do so resulting in misappropriated checks and credit cards. With the advent of the Internet and online transactions in which the owner is not even physically present, this misappropriation has accelerated. The use of government issued identifiers has complicated this because these identifiers are often the primary constraints to allowing “owner” access to the accounts associated with those checks and credit cards as well as to other financial account types, i.e. tax, savings and investment accounts. The addition of other identification elements, i.e. answers to security questions like “Mothers maiden name?” has not entirely succeeded in preventing misappropriation because these additional elements can also be stolen or discovered. This has left every individual engaging in non-cash transactions vulnerable to theft and associated complications for which there may not be any relief.
What is needed is a system and method for managing the use of personal identifiers and financial instruments that facilitates an array of options for proactive and/or interactive management of same through authorization by their owner.